REG - Raspberry Pi Hldgs - H1 2025 Results
Tue 07:00
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RNS Number : 3333A Raspberry Pi Holdings PLC 23 September 2025
23 September 2025
Raspberry Pi Holdings plc
("Raspberry Pi", "the Company", or "the Group")
An encouraging first half with momentum building, positioning the Group for
continued growth in the second half
Raspberry Pi (LSE: RPI), a leader in high-performance, low-cost computing, is
pleased to announce its unaudited results for the half year ended 30 June 2025
("H1 2025").
Financial Highlights
H1 2025 H12024 % change
Revenue ($m) 135.5 144.0 (6%)
Gross profit ($m) 33.2 34.2 (3%)
Gross margin (%) 25% 24% +1ppt
Adjusted EBITDA* ($m) 19.4 20.9 (7%)
Profit before tax 6.2 10.8 (43%)
Basic Earnings Per Share (EPS) (c) 2.79 4.53 (38%)
Adjusted EPS (c)* 4.76 7.10 (33%)
Cash ($m) 34.3 40.4 (15%)
*The Group uses certain measures in addition to those reported under IFRS,
under which the Group reports. These Alternative Performance Measures ("APMs")
are not considered a substitute for, or superior to, the equivalent statutory
IFRS measures. These APMs are explained, defined and reconciled in the APM
section and are applied consistently.
• Unit volumes were flat compared to the strong H1 2024, which benefited from
post-shortage channel re-stocking and the launch of Raspberry Pi 5 in Q4 2023,
but increased 9% sequentially on H2 2024.
• Revenues from direct sales of single-board computers (SBCs) and Compute
Modules increased 21% compared to H1 2024 and by 27% sequentially, reflecting
strengthening demand from existing and new OEM customers.
• Gross margin increased to 25% from 24% in H1 2024, and was flat sequentially.
• Profitability was in line with the Board's expectations, with Adjusted EBITDA
of $19.4 million, down 7% compared to H1 2024, but up 19% sequentially.
• Cash was $34.3 million after paying off extended payables, with further
normalisation of creditor days expected through H2 2025.
Non-Financial KPIs
H1 2025 H1 2024 % change
Unit volume (m) 3.6 3.7 (3)
Number of Products Released 7 3 13%
Number of Approved Resellers 115 112 3%
Engineers as a % of total employees at period end 48% 50%
Operational Highlights
• Direct unit shipments to Approved Resellers and OEMs grew 13% in H1 2025
compared to H1 2024 and 8% sequentially driven by strengthening demand for
existing products, encouraging take-up of new products and the growing success
of our direct sales strategy.
• 7 new products were launched in H1 2025, with a similar number expected in the
second half.
• For the first time, semiconductor unit volumes at 4.5 million in H1 2025, were
higher than board unit volumes.
Outlook
• The second half has started well with EBITDA ahead of last year.
• Volumes are expected to be higher in the second half supported by
strengthening demand and a substantial order backlog.
• The Group has sufficient DRAM supply on hand and on order to meet its FY2025
sales goals and has several commercial and technical options to mitigate
shortages or further price rises in FY2026.
• FY2025 is on-track to be the first full year in which semiconductor unit
volumes are higher than board unit volumes.
• Profit expectations for the full year remain unchanged.
Eben Upton, CEO of Raspberry Pi said:
"We continued to build momentum in the half, with growing demand from our
reseller channel and OEMs driving an 8% sequential increase in direct unit
shipments and a significant customer order backlog at the end of June. Our
growing pipeline of OEM opportunities, disciplined supply chain management and
strong product roadmap position the business for future growth. For the full
year, we remain on track with profit expectations unchanged, underpinned by
strong anticipated sales volumes and unit economics in the second half. We are
encouraged by the uptake of new products, expanding OEM engagement, and the
first instance of semiconductor volumes exceeding board volumes."
Hybrid analyst and institutional investor briefing
Eben Upton, CEO, and Richard Boult, CFO, will host a hybrid analyst and
institutional investor briefing today at 09:30 BST at the offices of Peel
Hunt, 7th Floor, 100 Liverpool St, London EC2M 2AT.
Those wishing to attend the event in person or online, please register
via raspberrypi@almastrategic.com. (mailto:raspberrypi@almastrategic.com)
This announcement contains certain forward-looking statements, including with
respect to the Company's current targets, expectations and projections about
future performance, anticipated events or trends and other matters that are
not historical facts. These forward‐looking statements, which sometimes use
words such as "aim", "anticipate", "believe", "intend", "plan", "estimate",
"expect" and words of similar meaning, include all matters that are not
historical facts and reflect the directors' beliefs and expectations, made in
good faith and based on the information available to them at the time of the
announcement. Such statements involve a number of risks, uncertainties and
assumptions that could cause actual results and performance to differ
materially from any expected future results or performance expressed or
implied by the forward‐ looking statement and should be treated with
caution. Any forward-looking statements made in this announcement by or on
behalf of Raspberry Pi speak only as of the date they are made. Except as
required by applicable law or regulation, Raspberry Pi expressly disclaims any
obligation or undertaking to publish any updates or revisions to any
forward-looking statements contained in this announcement to reflect any
changes in its expectations with regard thereto or any changes in events,
conditions or circumstances on which any such statement is based.
For more information, please contact:
Raspberry Pi Holdings plc
Eben Upton, CEO, Richard Boult, CFO Alma Strategic Communications
Andy Bryant - IR investors@raspberrypi.com (mailto:investors@raspberrypi.com)
Alma Strategic Communications T: +44 (0)203 405 0205
Josh Royston, Caroline Forde, Hannah Campbell raspberrypi@almastrategic.com (mailto:raspberrypi@almastrategic.com)
Notes to Editor
Headquartered in Cambridge, UK, Raspberry Pi's mission is to put
high-performance, low-cost, general-purpose computing platforms in the hands
of people and organisations all over the world.
Raspberry Pi is a full-stack engineering organisation, with research and
development capabilities spanning the entire value chain, from semiconductor
IP development, through semiconductor and electronic product design to
software engineering and regulatory compliance. The high performance, low
cost, and proven physical robustness of Raspberry Pi products make them
suitable for a wide range of applications, across three distinct markets:
Industrial and Embedded, Enthusiast and Education, and Semiconductors.
The Company has contributed approximately $230 million since inception to
support the work of the Raspberry Pi Foundation, a UK charity founded in 2008
and a major shareholder in Raspberry Pi, to enable young people to realise
their full potential through computing. Raspberry Pi has been recognised with
the London Stock Exchange's Green Economy Mark for its work in reducing the
carbon intensity of embedded computing.
CEO's review
Business review
I am pleased with our first-half performance, as we completed our recovery
from the disruptions to component supply and customer demand associated with
the pandemic. A key positive was the 8% sequential increase in direct unit
shipments to Approved Resellers and OEMs, driven by strengthening demand for
existing products, encouraging take-up of new products and the growing success
of our direct sales strategy. A year on from our successful IPO, our status as
a listed company has aided us in attracting and retaining talent,
strengthening our banking relationships, and driving engagement with
prospective OEM customers and other partners.
Demand and supply chain
Demand for our products continued to grow through the half, with channel
inventory at more normal levels and a noticeable increase in activity from
both new and existing OEM customers. We have worked closely with our
manufacturing partner Sony to support the ramp-up of production in response to
this increased demand, with a particular focus on sourcing critical silicon
components. We ended June with an order backlog of approximately 600k units
and continue to support Sony in managing their supply chain through the second
half.
Spot prices for the LPDDR4 and LPDDR4X DRAM used in our Raspberry Pi 4 and
Raspberry Pi 5 SBCs, and in our Compute Module 4 and 5 products, have
increased rapidly in recent months. We are monitoring developments in the DRAM
market, maintaining regular communication with our existing suppliers and
qualifying several alternative suppliers. We have sufficient DRAM supply on
hand and on order to support our full-year sales goals. If elevated DRAM
pricing persists, we are well positioned with several strategic options. Our
supplier relationships, strong inventory position, and ability to rapidly
qualify new suppliers and implement engineering mitigations will assist us in
navigating the highly volatile memory market, as we have done in the past.
Our sales to US customers remain strong. Our core SBC and Compute Module
products, "designed in Cambridge and manufactured in Wales", incur modest 10%
tariffs, well below many competitors, and we do not believe that these tariffs
have reduced demand. In our Education and Enthusiast market, we expect a
competitive benefit to arise from the abolition of the de minimis tariff
exemption on small, personal shipments into the United States.
Financial summary
First-half revenue and profitability were in line with the Board's
expectations, with sales of $135.5 million and Adjusted EBITDA of $19.4
million, up 19% sequentially on H2 2024, driven by the recovery in OEM demand.
Direct unit volumes increased by 8% sequentially while combined SBC and
Compute Module revenues increased 27% over the period. Units and Gross Profit
per board at 3.6 million and $8.0, respectively, were significantly higher
sequentially reflecting an improved product mix and were broadly stable,
compared to H1 2024. Gross Margin was flat at 25% sequentially and increased
year-on-year benefiting from the expected lower costs on key components. We
continue to manage operating costs while making targeted investments to
support our planned growth.
Product highlights and outlook
While FY2024 saw the introduction of several major platform products,
including Raspberry Pi 500, Compute Module 5, Raspberry Pi Pico 2, and our
second-generation RP2350 microcontroller, the focus in FY2025 is on deepening
our offering: responding to customer feedback, addressing functionality and
performance gaps, and delivering targeted, incremental improvements to
existing products.
In the half, we expanded our offering to our OEM customers, with Compute
Module variants qualified for a wider operating temperature range, and moved
RP2350 into general availability.
With increasing demand from our microcontroller customers for wireless
connectivity, we launched our first standalone wireless module, Radio Module
2, in June. Building on our heritage of modular design, this product offers
integrated 2.4GHz Wi-Fi and Bluetooth radios, a compact form factor, and a
low-pin-count host interface. These design choices simplify integration,
reduce external component count, and help customers avoid the time and expense
of radio certification; all aligned with our goal of streamlining our
customers' journey from prototype to production.
Accessory demand remained strong in the half. We have observed an encouraging
trend of customers buying our branded accessories for general (as distinct
from Raspberry Pi-related) use, creating a medium-term opportunity to achieve
higher attach rates. A notable launch was our new 45W USB-C power supply,
capable of powering a broader range of third-party electronic devices.
Product launches in the second half will include a major release targeting the
Enthusiast and Education market; a next-generation AI accessory designed to
support generative workloads including large language models; and a
cost-engineered Compute Module product targeting the China domestic market. We
expect to release a broadly similar number of products in the second half as
in the first half.
We are working to add support for over-the-air (OTA) firmware updates to
Raspberry Pi Connect for Organisations, our IoT software platform for OEM
customers. This is the first of a series of planned upgrades to the Connect
offering, delivering a turnkey solution for compliant management of large
fleets of IoT devices in the context of the UK Product Security and
Telecommunications Infrastructure (PSTI) regulations and EU Cyber Resilience
Act (CRA). We expect our integrated approach to enhance our products' appeal
to OEM customers and build on the strong momentum we have seen in the adoption
of the Connect remote access service.
We anticipate that FY2025 will be the first year in which semiconductor unit
shipments surpass board unit shipments. In the first half, we shipped 4.5
million semiconductor units, reflecting year-on-year growth of 105%.
Performance was buoyed by several significant embedded design wins, with OEM
customers selecting RP2040 and RP2350 microcontrollers based on their superior
functionality and price/performance characteristics.
Customer strategy
We continue to evolve our customer strategy, emphasising direct-to-reseller
and direct-to-OEM sales. Building closer relationships with our customers
allows us to develop better products, accelerate long-term growth, and improve
our Gross Profit Margin Participation.
Our "Board to Board" initiative, which we initiated in the aftermath of our
2024 IPO, continues to open doors to senior leaders at major industrial OEMs,
providing us with a deeper understanding of their business priorities,
technical requirements, and operational constraints. Our strategic objective
is to identify and bridge gaps between engineering teams and executive
decision-makers, and to facilitate a shift from prototyping, where we see
widespread adoption today, to scaled production of OEM devices built on
Raspberry Pi technology.
To date, this initiative has generated over twenty CTO-level engagements
across sectors including industrial automation, smart homes and HVAC, energy
infrastructure, and smart manufacturing. We find that many OEMs are struggling
to develop and deploy products with embedded intelligence; recurring themes
include longstanding issues around cybersecurity, connectivity, product
longevity and pricing, amplified by more recent concerns around tariffs,
supply-chain resilience, and the recruitment and retention of engineering
talent. We believe that Raspberry Pi technology offers a compelling solution
to these challenges.
Today we have over 100 OEMs in our design pipeline across a wide range of
sectors. We continue to see good engagement in the traditionally strong IoT,
industrial automation and aerospace sectors.
We remain very selective in offering OEMs access to our product customisation
program. However, for existing high-volume customers, who have built existing
designs around our standard, we continue to explore partnerships which offer
price improvement to the customer and incremental margin to us.
People
As our customer strategy evolves, we are making targeted investments in our
sales and business development capacity, working to build a commercial
organisation that can identify opportunities and sell directly to the largest
OEMs at scale, while retaining and growing our broad customer base via our
reseller channel. We continue to grow our engineering, finance, legal and
communications functions, while developing and deploying automation to control
costs and capture efficiencies.
At the end of H1 2025, the permanent headcount was 141 employees ( end
December 2024: 132 employees) with 48% (end December 2024: 48%) in front-line
engineering roles.
We are delighted that Christopher Mairs has decided to stay on the
Board having previously expressed an intention to step down for personal
reasons. Christopher brings exceptional technical expertise and insight to
the Board and we are very pleased that he is able to continue.
Outlook
H2 2025 has started well with EBITDA ahead of last year. The Company expects
higher volumes in H2 2025 driven by strengthening demand with a similar
product mix to H1 2025. Profit expectations for the full year remain
unchanged. Cash is expected to decrease in H2 2025, reflecting a decline in
extended payables associated with key component supply agreements, before
increasing significantly in FY2026. Looking ahead to 2026, we remain very
encouraged by the demand environment, and specifically by the number and scale
of ongoing OEM discussions.
Dr Eben Upton CBE FREng
Chief Executive Officer and Founder
22 September 2025
Financial review
The first half of 2025 saw a return to more normalised market dynamics. The
half saw growth in unit sales of core industrial boards and established boards
such as Raspberry Pi4. While year on year sales of Raspberry Pi5 and Compute
Modules were lower due to the strong performance in H1 2024 arising,
respectively, from the product launch and the final clearance of the historic
order backlog.
In the period, finished goods inventory continued to be worked downward, while
we continued to accumulate component inventory to ensure security of supply.
Total inventory remained broadly level but trade payables reduced leading to a
net cash outflow of $11.5 million in the first half.
Overall results
Revenue in H1 2025 was $135.5 million (H1 2024: $144.0 million) a decline led
by reduced royalty income together with lower related component sales. Sales
of products through the direct channel increased by 13% as a result of
stronger unit sales.
As a result of the lower revenues, gross profit reduced by 3%. This reduction
in gross profit together with control of overheads resulted in adjusted EBITDA
of $19.4 million (H1 2024: $20.9 million). H1 2025 saw a full period of
amortisation of the intangible development cost of RP2350 resulting in
adjusted operating profit of $13.2 million (H1 2024: $15.7 million).
$ million H1 2025 H1 2024 % change
Revenue 135.5 144.0 (6%)
Gross profit 33.2 34.2 (3%)
Gross margin (%) 25% 24% +1ppt
Adjusted R&D costs (4.6) (4.2) 10%
Adjusted administration costs (9.2) (9.1) 1%
Adjusted EBITDA 19.4 20.9 (7%)
Depreciation and amortisation (6.2) (5.2) 19%
Adjusted operating profit 13.2 15.7 (16%)
Employee share schemes (5.2) (2.2) 136%
Non-recurring costs - (2.1) (100%)
Statutory operating profit 8.0 11.4 (30%)
Unit sales of single board computers and Compute Modules and microcontrollers
Direct unit sales increased by 13% compared to H1 2024 while unit sales
through our licensee declined by 31%. In total, units declined 3% compared to
H1 2024.
Through the period from the beginning of 2024 to June 2024 we saw the delivery
through the direct channel of the last of the orders accumulated in the
semiconductor supply shortage. These were primarily in respect of Compute
Modules. There then followed a period of slow demand due to channel
overstocking and then a recovery in the first part of 2025. H1 2025 was
notable for the strength of demand for industrial channel products such as
Raspberry Pi3, Raspberry Pi4 with 2GB of memory, and a return of good demand
in China.
Raspberry Pi5 direct sales grew 146% with an increase of 26% in the variants
which were on sale in 2024 (4GB and 8GB) combined with the revenue from the
new Pi5 2GB, Pi5 16GB and Pi500 variants. Direct sales of Pi4 and Pi3 each
grew by 48% driven by the return to more normal channel inventory levels.
Sales of Compute Modules fell by 32%, principally due to the strength of Q1
2024 sales when, as noted above, sales were bolstered by the last of the
orders placed during the semiconductor shortage.
Unit sales through licensees declined by 31%, with sales in the first part of
2024 particularly strong due to Raspberry Pi5 launch volumes. As sales
normalised and balanced across channels, Raspberry Pi 5 licensee volumes for
H1 2025 were 49% lower than H1 2024, while direct unit sales (discussed above)
increased significantly. During the majority of 2024, Raspberry Pi4 volumes
were low through the royalty channels, with volumes returning to better levels
in H1 2025 and showing an overall 27% growth.
Million units H1 2025 H1 2024 % change
Unit sales through direct channel 2.7 2.4 13%
Unit sales through licensees 0.9 1.3 (31%)
Total unit sales 3.6 3.7 (3%)
Direct sales share of total 75% 65% +10ppt
Licensee share of total 25% 35% -10ppt
Microcontroller units 4.5 2.2 105%
Direct sales of 75% in H1 2025 is in line with management expectations of a
share of 70-80%.
Microcontroller unit sales, which include those incorporated in other
Raspberry Pi products such as Raspberry Pi Pico boards, increased by 105% to
4.5 million units (H1 2024: 2.2 million units). For the first time unit sales
of semiconductors have exceeded those of the SBCs and Compute Modules. The
growth was aided by the new products RP2350 and Pico 2 and was particularly
strong for RP2040.
Revenue
Revenue decreased by $8.5 million, or 6%, from $144.0 million for H1 2024 to
$135.5 million for H1 2025. The split by category was as follows:
$ million H1 2025 H1 2024 % change
Products 109.6 89.5 22%
Components 17.6 43.6 (60%)
Royalties 7.8 10.3 (24%)
Publishing 0.5 0.6 (17%)
135.5 144.0 (6%)
Product revenues are generated by supplying SBCs, Compute Modules, accessories
and semiconductors directly to Approved Resellers and Original Equipment
Manufacturers ("OEMs").
Revenues from direct sales of SBC's and Compute Modules increased 21% with
substantial growth in Raspberry Pi5, Raspberry Pi4 and Raspberry Pi3 sales
offset by a decline in Compute Module sales. Accessory sales grew by 24%,
with revenues continuing to benefit from the extensive product launches in H2
2024. Microcontroller sales, also reported within product sales grew 105% to
4.5 million units.
Per unit royalties are earned on products that our licensee has manufactured
(Pi5) or sold (Pi4) using our designs and trademarks. Component sales
represent the sale of components used in the manufacture of Raspberry Pi
products for our licensee which are then sold to end customers. Both royalties
and component revenues in H1 2024 benefitted from the continuing launch demand
and production of Raspberry Pi5. With a more stable level of demand in 2025,
revenues declined compared to 2024.
Component sales in H1 2024 saw a high volume of memory chips supplied to meet
the licensee's increased sales and production arising from the recent
Raspberry Pi5 launch, together with sales by the Group of application
processor chips to Sony, also for licensee use. Component sales are almost
entirely to our contract manufacturer in the UK and this reduction in sales is
the principal cause of the decline of the UK based revenue shown in Note 3 to
the financial statements.
Average selling price ("ASP") per board
ASP decreased by 1% from $46.9 in H1 2024 to $46.4 in H1 2025 due to a
decrease in the portion of unit sales that are from Raspberry Pi5's and
Compute Modules. The ASP of boards sold through the direct channel increased
from $34.7 to $37.1 with the higher portion of Pi4, Pi5 unit sales offsetting
the decline in Compute Modules. The ASP of boards sold through the licensee
channel increased from $69.2 to $74.3, the increase coming from sales of
Pi5/16GB.
Partnership revenue
Total partnership revenue being the sum of the retail prices of all units
supplied, whether through the direct sales channel or through the licensee
channel was $193.5 million (H1 2024 : $193.5 million).
$ million H1 2025 H1 2024 % change
SBCs and compute modules 165.5 171.8 (4%)
Accessories 24.5 20.2 21%
Microcontrollers, publishing and others 3.5 1.5 133%
Gross profit per board
Product gross profit and margin H1 2025 H1 2024 % change
SBCs and Compute Modules 8.0 8.3 (4%)
Board share of gross profit 86% 88% (2%)
Accessory margin per board 1.1 1.1 -%
SBC and Compute Module gross profit per board declined by 4% from $8.3 in H1
2024 to $8.0 in H1 2025. The decline on H1 2024 was due to lower sales of the
Compute Modules which have good unit profits and increased volumes of the
lower unit profit Pi5/2GB and Pi3. The use of the lower cost BCM2712D0 in the
Pi5 in 2025 supported the margin.
In H2 2024 the gross profit per SBC and Compute Module was $6.4 due to sales
of the newly launched Pico 2 in August 2024 and the increase in sales of the
Pi Zero 2, both of which have a lower unit profit, before rising to $8.0 in H1
2025.
Gross profit
$ million H1 2025 H1 2024 % change
SBCs and Compute Modules 28.4 30.0 (5%)
Accessories 4.1 4.1 -%
Microcontrollers, publishing and others 0.7 0.1 600%
Reported gross profit 33.2 34.2 (3%)
Gross profit from SBCs and Compute Modules was $28.4 million (H1 2024: $30.0
million) a decline of $1.6 million for the reasons of lower unit sales and
gross profit per unit described above.
The gross profit of accessories remained flat at $4.1 million. New products
launched in H2 2024 and H1 2025 included an AI camera, two HATs, incorporating
AI accelerator chips, and growth in power supplies and cameras. Overall the
accessory profit per board remained at $1.1 per board, ahead of our target of
$1 per board.
The strong improvement in microcontroller unit sales led to increased profits
compared to H1 2024.
The gross margin rate increased to 25% (H1 2024: 24%) as a result of the
introduction of the lower cost BCM2712D0 used in the Raspberry Pi5 and Compute
Module 5.
Adjusted research and development costs
Adjusted research and development expenses is a non-IFRS measure used by the
Board and management to monitor the Group's performance.
$ million H1 2025 H1 2024
Research and development expenses as reported 11.7 8.5
Adjusted for:
Amortisation (net of capitalised amortisation) (4.1) (2.9)
Share-based payment charges (2.2) (1.4)
NI on share-based payment charges (0.8)
-
Adjusted research and development expenses 4.6 4.2
Adjusted research and development expenses increased slightly to $4.6 million
for the half year ended 30 June 2025 from $4.2 million in H1 2024. It
represents the cost of research and non-capitalised development costs.
Total research and development expenses rose by 38% to $11.7 million (H1 2024:
$8.5 million), reflecting higher investment in innovation. This increase was
driven by the expansion of the engineering team in areas of new product
development, alongside higher share-based payment charges and associated
National Insurance costs. The increase in National Insurance on share-based
payment charges in H1 2025 is reflective of a full six months of charges from
the post-IPO share option awards and the impact of new awards granted during
the period, whereas H1 2024 included only the costs associated with the awards
granted from the IPO date to the end of the reporting period. Net amortisation
of capitalised investment increased to $4.1 million (H1 2024: $2.9 million),
reflecting a growing portfolio of capitalised development costs.
Adjusted administrative costs
Adjusted administrative expenses is a non-IFRS measure used by the Board and
management to monitor the Group's performance.
$ million H1 2025 H1 2024
Administrative expenses as reported 13.5 14.3
Adjusted for:
Depreciation (2.1) (2.3)
Share-based payment charges (1.6) (0.8)
NI on share-based payment charges (0.6)
-
Non-recurring costs (2.1)
-
Adjusted administrative expenses 9.2 9.1
Adjusted administrative costs were level year on year with increases in staff
costs primarily due to salary inflation and the expansion of central
management costs reflecting the requirements of being listed and
commensurately higher salaries offsetting a reduction in consulting and third
party costs in the period and foreign currency gains arising on the
retranslation.
Depreciation and amortisation
$ million H1 2025 H1 2024
Depreciation of PPE and leased assets 2.1 2.3
Amortisation (net of capitalised amortisation) 4.1 2.9
Depreciation and amortisation 6.2 5.2
Depreciation of PPE and leased assets remained consistent with the prior
period, as no significant new leases were entered into and there were no
material additions to fixed assets.
Amortisation of intangibles charged to the income statement increased by 41%
to $4.1 million in H1 2025 from $2.9 million in H1 2024. The first half of
2025 saw a full period of amortisation of the intangible development cost of
RP2350.
Total depreciation and amortisation increased by 19% to $6.2 million in H1
2025 from $5.2 million in H1 2024.
Finance costs and finance income
Finance costs have increased due to the discounting of payables with longer
than standard credit terms. These were entered into predominantly in H2 2024.
Share-based payments
A share-based payment charge of $3.8 million was recorded in the period. The
charge comprises $1.2 million in respect of the charges for share awards
granted on 14 May 2025, and $2.6 million in respect of the post-IPO award of
market value and nil cost options granted on the 11 June 2024 listing date.
In comparison, H1 2024 had a share-based payment charge of $2.2 million. The
charge comprised $0.8 million in respect of the charges arising on the pre-IPO
scheme, a $1.2 million accelerated charge on vesting and settlement of that
scheme and an additional $0.2 million in respect of the new post-IPO awards
granted in 2024.
Non-recurring costs
There were no non-recurring costs incurred in the six-month period to 30 June
2025. Costs of $2.1 million were charged to the income statement in H1 2024 in
respect of fees and charges arising from the listing process which were
incurred to prepare the business for operation after listing.
Operating profit and profit before tax
Operating profit for H1 2025 was $8.0 million (H1 2024: $11.4 million) a
decline of 30%. Profit before tax in H1 2025 was $6.2 million (H1 2024: $10.8
million) a decline of 43%.
Taxation
In line with IAS 34, the taxation charge for the period is calculated using
the estimated annual effective tax rate applied to the interim pre-tax profit.
The effective tax rate for the period is 13%, compared to 29% in H1 2024. As
the Group's profits are generated almost exclusively from UK activities, the
underlying effective tax rate generally aligns with the UK corporation tax
rate of 25%. The higher rate in H1 2024 was due to non-deductible IPO-related
costs. The effective rate of 13% for H1 2025, which is lower than the UK
corporation tax rate, is primarily due to a credit of $0.7 million from
foreign exchange differences arising on the retranslation of prior year tax
balances.
Profit after tax
Profit after tax for H1 2025 was $5.4 million (H1 2024: $7.6 million), a
decline of 29%.
Seasonality
The Group's operations are not materially different in size or nature between
the two halves of the financial year.
Earnings per share
Basic earnings per share for the half year ended 30 June 2025 was 2.79 cents,
down from 4.53 cents for H1 2024. This reflects a lower profit after tax of
$5.4 million (H1 2024: $7.6 million) and a 13% increase in the weighted
average shares in issue due to the primary share issue in June 2024 and the
conversion of the pre-IPO LTIP to ordinary shares. Diluted earnings per share
was 2.73 cents (H1 2024: 4.34 cents).
Adjusted earnings per share, which excludes the impact of non-recurring costs
and share‑based payments net of tax, was 4.76 cents (H1 2024: 7.10 cents).
Adjusted diluted earnings per share was 4.64 cents, reflecting an adjusted
profit after tax of $9.2 million.
Dividends
No dividends have been proposed. The current medium-term expectation is that
cash generated will be reinvested into the business.
Cash flows from operations
$ million H1 2025 H1 2024
Adjusted EBITDA 19.4 20.9
Increase in inventory (3.2) (37.6)
Decrease in trade and other receivables 0.4 13.3
Decrease in trade and other payables (18.1) (13.2)
Decrease in current provisions (0.3) (0.2)
Non-recurring costs (2.1)
-
Interest received 0.4 0.3
Tax credit received 3.8
-
Tax paid (3.1) (3.4)
Other non-cash movements (0.2) 0.2
Net cash flows used in operating activities (0.9) (21.8)
Inventory
Inventory increased overall by $2.6 million in the half to $159.3 million
(2024 half year: $145.7 million; 2024 full year: $156.7 million).
Inventory of finished goods declined to $41.4 million (H1 2024: $62.5 million;
FY2024: $63.8 million) as sales improved and production was reduced in
response to the slowdown in demand as seen in H2 2024. At this current level
of finished goods, there are certain product lines with stock levels below
minimum acceptable levels and over time some modest expansion of finished
goods inventory can be expected.
Component inventory has increased by $25.0 million from December 2024. Stock
of memory held for future production has been kept at similar levels to
December 2024, to give certainty of future input costs. Across the majority of
memory variants the group is covered to the end of the year but there are
certain lines where purchases will need to be made. The finished goods
inventory, assembled at historic memory costs, should ensure that the material
impact of memory price fluctuations are deferred into later years. Stocks of
processor chips account for most of the increase in component inventory
ensuring certainty of future production.
Other working capital movements
Payables decreased compared to December 2024 due to the Group paying off at
maturity favourable extended payment terms for memory and processor chip
purchases. As the market for memory has firmed, such extended terms have
become fewer and a further decline in payables with the consequential impact
on cash balances can be expected in H2 2025.
The inflow from trade receivables seen in H1 2024 was a result of the
declining level of sales in the later stages of the period compared to the end
of 2023. By the end of December 2024 volumes had recovered and were similarly
strong at June 2025 resulting in only a small cashflow impact in H1 2025.
Investing activities - capital expenditure
$ million H1 2025 H1 2024
Tangible fixed assets 0.5 1.1
Internally generated intangibles and intangibles in the course of development 12.1 13.0
Net other intangibles acquired 1.6
-
Intangible fixed assets 13.7 13.0
Total capital additions 14.2 14.1
Non-cash additions (4.7) (2.9)
Total cash capital expenditure 9.5 11.2
Total capital additions for H1 2025 were $14.2 million (H1 2024: 14.1
million), including expenditure on intangible assets of $13.7 million (H1
2024: $13.0 million). This expenditure includes the amortisation of
development licences of $4.7 million in H1 2025 (H1 2024: $2.9 million) which
are shown as non-cash additions.
Total cash capital expenditure in respect of intangible assets comprised $9.0
million (H1 2024: $10.1 million). Of this amount, $3.5 million (H1 2024: $3.6
million) was the capitalisation of engineering staff costs.
Cash and facilities
Cash at 30 June 2025 was $34.3 million (H1 2024: $40.4 million; FY2024: $45.8
million). On 5 March 2025, the Group replaced its existing RCF with a new
facility of $80.0 million with four banks on terms more suitable for a listed
group and at substantially reduced pricing. The facility has a term of 4
years.
The facility remains undrawn.
Risks and risk management
Full details of the Group's approach to risk management and its principal
risks are set out in the Annual Report and Accounts of Raspberry Pi Holdings
plc, available at https://investors.raspberrypi.com. A summary of the Group's
principal risks is set out on page 13 of this report.
Related party transactions
The Group's related parties include its subsidiary undertakings, key
management personnel (comprising the Executive and Non-executive Directors),
their closely related family members, and shareholders with significant
influence. Transactions and balances between the parent and its subsidiaries,
as well as between subsidiaries, have been eliminated upon consolidation and
are not disclosed.
Material transactions with related parties have been disclosed in Note 21.
Related party transactions during the period ended 30 June 2025 were
substantially the same in nature as those disclosed in Note 31 of the Annual
Report and Accounts for the year ended 31 December 2024.
There were no other related party transactions during the period that
materially affected the financial position or performance of the Group. No
guarantees were provided to, or received from, related parties during the
period.
Events after the reporting period
There are no events after the reporting period that would require disclosure
or adjustment to these interim financial statements.
Richard Boult
Chief Financial Officer
22 September 2025
Principal risks and uncertainties
Raspberry Pi's approach to risk management has evolved in line with the
development of the business. It reflects both the relatively small scale of
our operations and the close involvement of Executive Management, who bring
deep technological expertise and maintain strong proximity to day-to-day
activities. Risks can be identified at any time by any individual within the
Group, fostering a culture of vigilance and shared responsibility.
Our engineering team, characterised by high levels of seniority, long tenure,
and sector-leading experience, plays a central role in risk identification and
response. Combined with our open and inclusive operational culture, this
ensures that risks are promptly surfaced and effectively managed.
The Board regularly reviews the Group's key risks and the mitigation
strategies in place, with oversight from the Audit and Risk Committee on the
effectiveness of risk management processes.
In reviewing the outlook for the remainder of the financial year, the Board
has reaffirmed that the principal risks and uncertainties identified in the
December 2024 Annual Report and Accounts remain relevant and continue to be
actively monitored. These risks are outlined below:
• Brand and reputation
• People
•Supply chain
• Sales channels
• Growth management
• Markets and economic environment
• Competition/competitors
• Intellectual property and designs
• Product development projects
• Geopolitical risk
• Control environment
• Liquidity
• Regulatory and compliance
• Health and safety
• Climate change
These risks are detailed on pages 42 to 50 of the 2024 Annual Report, a copy
of which is available on https://investors.raspberrypi.com.
In addition to the risks outlined above, the Board have identified Information
and Cyber Security, Technology and Infrastructure as an increasing risk theme
for the business. Although our digital interactions with consumers are
limited, and the misuse of personal customer data is therefore also limited,
the threat of cyber attacks and security breaches could result in loss of
access or disruption to systems, and more importantly loss of access to key
data including IP. This could impact our operation in a number of ways and
ultimately result in financial and reputational harm. The Group has various
mitigants in place to reduce these risks, including 2FA for key systems and
sensitive IP, penetration testing and training for employees.
Condensed consolidated statement of comprehensive income
for the half year ended 30 June 2025
$ million Notes Half year ended Half year ended Year ended
30 June 30 June 31 December 2024
2025 (unaudited) 2024 (unaudited) (audited)
Revenue 3 135.5 144.0 259.5
Cost of sales (102.3) (109.8) (196.3)
Gross profit 33.2 34.2 63.2
Research and development expenses 4 (11.7) (8.5) (17.9)
Administrative expenses 5 (13.5) (14.3) (27.7)
Operating profit 8.0 11.4 17.6
Finance income 8 0.4 0.3 1.1
Finance cost 8 (2.2) (0.9) (2.4)
Profit before taxation 6.2 10.8 16.3
Taxation charge 9 (0.8) (3.2) (4.6)
Profit after taxation 5.4 7.6 11.7
Earnings per share (cents)
Basic 10 2.79 4.53 6.48
Diluted 10 2.73 4.34 6.20
The profit for the half year is attributable to the shareholders of Raspberry
Pi Holdings plc and is derived from continuing operations. There are no
recognised gains or losses other than those presented above.
The accompanying notes are an integral part of these condensed consolidated
financial statements.
Condensed consolidated statement of financial position
as at 30 June 2025
Registration number 15557387
$ million Notes At 30 June At 30 June At 31 December 2024
2025 (unaudited) 2024 (unaudited) (audited)
Assets
Intangible assets 11 78.1 65.8 73.2
Property, plant and equipment 3.7 4.7 4.5
Right-of-use assets 5.3 5.9 6.1
Other non-current assets 1.9 2.3 2.3
Total non-current assets 89.0 78.7 86.1
Inventories 12 159.3 145.7 156.7
Trade and other receivables 13 35.8 26.5 36.2
Current tax receivables 7.3 5.5 6.6
Cash and cash equivalents 34.3 40.4 45.8
Other financial assets 0.3 - -
Total current assets 237.0 218.1 245.3
Total assets 326.0 296.8 331.4
Liabilities
Trade and other payables 14 (79.9) (71.1) (96.1)
Provisions (0.4) (0.3) (0.7)
Lease liabilities (1.5) (1.3) (1.4)
Total current liabilities (81.8) (72.7) (98.2)
Provisions (3.3) (0.8) (1.9)
Other non-current liabilities (6.9) (5.0) (6.0)
Lease liabilities (4.5) (5.1) (4.8)
Deferred tax liabilities (10.7) (11.6) (10.1)
Total non-current liabilities (25.4) (22.5) (22.8)
Total liabilities (107.2) (95.2) (121.0)
Net assets 218.8 201.6 210.4
Shareholders' equity
Share capital 18 0.8 0.8 0.8
Share premium 32.4 31.8 32.4
Merger reserve (221.9) (221.9) (221.9)
Share-based payments 6.5 0.2 2.7
Retained earnings 401.0 390.7 396.4
Total shareholders' equity 218.8 201.6 210.4
The accompanying notes are an integral part of these condensed consolidated
financial statements.
Condensed consolidated statement of changes in equity
for the half year ended 30 June 2025
$ million Share Share Share-based Merger Retained Total
capital premium payments reserve earnings
At 1 January 2024 - 65.4 1.3 - 92.5 159.2
Profit for the period - - - - 7.6 7.6
Share-based payments - - 2.2 - - 2.2
Share issued - 0.8 - - - 0.8
Share reorganisation 288.1 (66.2) - (221.9) - -
Share capital reduction (287.3) - - - 287.3 -
Share listing proceeds - 40.0 - - - 40.0
Share issuance costs - (8.2) - - - (8.2)
Share scheme settlement - - (3.3) - 3.3 -
At 30 June 2024 0.8 31.8 0.2 (221.9) 390.7 201.6
At 1 January 2025 0.8 32.4 2.7 (221.9) 396.4 210.4
Profit for the period - - - - 5.4 5.4
Share-based payments - - 3.8 - (0.8) 3.0
At 30 June 2025 0.8 32.4 6.5 (221.9) 401.0 218.8
The accompanying notes are an integral part of these condensed consolidated
financial statements.
Condensed consolidated statement of cash flows
for half year ended 30 June 2025
$ million Notes Half year ended Half year ended Year ended
30 June 30 June 31 December 2024
2025 (unaudited) 2024 (unaudited) (audited)
Cash flows from operating activities 17 (2.0) (18.7) (0.1)
Interest received 0.4 0.3 1.1
Tax credit received 3.8 - -
Tax paid (3.1) (3.4) (4.2)
Net cash used in operating activities (0.9) (21.8) (3.2)
Cash flows from investing activities
Purchase of intangible assets (9.0) (10.1) (20.9)
Purchase of property, plant and equipment (0.5) (1.1) (2.2)
Net cash used in investing activities (9.5) (11.2) (23.1)
Cash proceeds from IPO share issues - 40.0 40.0
Share issuance costs of IPO shares - (8.2) (7.6)
Cash proceeds from share issues (from pre-IPO) - 0.8 0.8
Repayment of principal on lease liabilities (0.8) (0.3) (2.2)
Payment of interest on lease liabilities (0.2) (0.2) (0.4)
Interest and other financing charges (0.6) (0.7) (0.8)
Net cash (used in)/generated from financing activities (1.6) 31.4 29.8
Net (decrease)/increase in cash and cash equivalents (12.0) (1.6) 3.5
Cash and cash equivalents at beginning of period 45.8 42.2 42.2
Effect of exchange rates on cash and cash equivalents 0.5 (0.2) 0.1
Cash and cash equivalents 34.3 40.4 45.8
The accompanying notes are an integral part of the condensed consolidated
financial statements.
Notes to the condensed consolidated financial statements
for half year ended 30 June 2025
1 General information
Raspberry Pi Holdings plc (the "Company") is a public limited company
incorporated in England and Wales. The Company's registered office is at 194
Cambridge Science Park, Milton Road, Cambridge, England CB4 0AB, and the
company number is 15557387.
• On 12 March 2024: Raspberry Pi ListCo Ltd was incorporated as a private
limited company.
• On 23 May 2024: Raspberry Pi ListCo Ltd acquired Raspberry Pi Ltd for
$288.1 million.
• On 3 June 2024: The Company was re-registered as Raspberry Pi Holdings
plc.
• On 11 June 2024: The ordinary share capital was listed on the London Stock
Exchange.
• On 23 September 2024: The Company was added to the FTSE 250.
2 Basis of presentation and accounting policies
Explained below are the key accounting policies of Raspberry Pi Holdings plc
and all its subsidiaries (the "Group").
2.1 Basis of preparation
These condensed consolidated interim financial statements have been prepared
in accordance with UK adopted International Accounting Standard 34 'Interim
Financial Reporting' and the Disclosure Guidance and Transparency Rules (DTR)
of the UK's Financial Conduct Authority.
The consolidated financial statements of Raspberry Pi Holdings plc comprise
the results of Raspberry Pi Holdings plc, Raspberry Pi Ltd, Raspberry Pi North
America Inc, Raspberry Pi Ireland Ltd, and the Raspberry Pi Employee Benefit
Trust ("the Group").
The condensed consolidated financial statements should be read in conjunction
with the consolidated annual financial statements for the year ended
31 December 2024, which were prepared in accordance with UK-adopted
International Accounting Standards and with the requirements of the Companies
Act 2006 and in accordance with IFRS accounting standards as issued by the
International Accounting Standards Board (IASB). In respect of accounting
standards applicable to the Group, there is no difference between UK-adopted
IAS and IFRS accounting standards as issued by the IASB.
The financial information contained in these condensed consolidated interim
financial statements does not constitute statutory accounts as defined in
section 434 of the Companies Act 2006. These interim financial statements do
not include all the information and disclosures required in the annual
financial statements. The financial information for the six months ended
30 June 2025 and 30 June 2024 are unaudited. The financial information for
the year ended 31 December 2024 has been extracted from the audited
consolidated financial statements for the year ended 31 December 2024
prepared under IFRS. The statutory accounts for the year ended 31 December
2024 were approved by the Board of Directors on 1 April 2024 and delivered to
the Registrar of Companies. The report of the auditors on the consolidated
financial statements for 2024 was unqualified and did not contain a statement
under Section 498 (2) or (3) of the Companies Act 2006.
As at 30 June 2025, there have been no significant changes in the
classification, measurement, or risk exposure of financial instruments
compared to those disclosed in the annual consolidated financial statements
for the year ended 31 December 2024. Management has reviewed the financial
risks and determined that no material updates are required for this reporting
period.
These condensed consolidated interim financial statements have been prepared
under the historical cost convention unless otherwise stated. The Group's
presentation currency is US Dollars, rounded to the nearest point million.
Since all material subsidiaries have US Dollars as their functional currency,
there is no foreign exchange upon consolidation and hence no cumulative
translation reserve.
2.2 Capital reorganisation
On 23 May 2024 Raspberry Pi Holdings plc acquired the entire shareholding of
Raspberry Pi Ltd for $288.1 million by way of a share-for-share exchange
agreement. This does not constitute a business combination under IFRS 3
"Business Combinations" as both entities were under common control and
Raspberry Pi Holdings plc as the listing vehicle did not constitute a
business as defined by IFRS 3.
Management has used the retrospective presentation method, otherwise known as
merger accounting. Under merger accounting principles, the assets and
liabilities of the subsidiaries are consolidated at book value in the Group
financial statements and the consolidated reserves of the Group have been
adjusted to reflect the statutory share capital of Raspberry Pi Holdings plc
with the difference presented in the merger reserve. There have been no
changes to the structure or terms of the reorganisation since that date.
2.3 Basis of consolidation
The condensed consolidated interim financial statements incorporate the
financial statements of Raspberry Pi Holdings plc (the "Company") and its
subsidiary undertakings. Subsidiaries are entities over which the Group has
control. Control is achieved when the Group is exposed, or has rights,
to variable returns from its involvement with the investee and has the
ability to affect those returns through its power over the investee. All
intra-group assets and liabilities, equity, income, expenses and cash flows
relating to transactions between members of the Group are eliminated in full
on consolidation.
2.4 Going concern
The condensed consolidated interim financial statements have been prepared on
a going concern basis, assuming the Group can meet its liabilities as they
fall due. This assessment is supported by access to the extended Revolving
Credit Facility ("RCF") and strong relationships with key customers and
suppliers.
Profitability and financial position: The Group reported a profit of $5.4
million for the period. Net current assets were $155.2 million.
Extension of Revolving Credit Facility: On 5 March 2025, the RCF was extended,
increasing available funds to $80.0 million (2024: $40.0 million) and
extending the term to 4 March 2029 (2024: 24 April 2027). The facility remains
undrawn.
Liquidity and cash flow forecasts: The Board's cash flow forecasts and
projections confirm the Group can operate within its cash and committed
facilities for the period to 30 September 2026. Available liquidity,
including both cash and committed facilities, has been considered in
this assessment. The Directors have deemed this period to be appropriate for
the going concern assessment. No plausible events or conditions beyond the
assessment period that may cast significant doubt on the Group's ability to
continue as a going concern have been identified.
Sensitivity analysis and stress testing: Sensitivities applied to forecasts
include a 20% reduction in unit sales and a general liquidity reduction. Even
under these combined scenarios, the Group maintains sufficient liquidity and
covenant headroom throughout the forecast period.
Reverse stress testing: A reverse stress test modelled a 65% sales decline is
required to exhaust liquidity and breach banking covenants. This scenario was
deemed implausible.
Conclusion: Based on these considerations, the Board concludes the Group can
operate within its committed facilities and cash resources for the foreseeable
future. Accordingly, the Directors have adopted the going concern basis in
preparing the condensed consolidated financial statements.
2.5 Critical accounting judgements and estimates
In preparing these condensed financial statements, the critical accounting
judgements made in applying the Group's accounting policies, and the key areas
involving estimation, were the same as those disclosed in the consolidated
financial statements for the year ended 31 December 2024 unless otherwise
stated.
The only exception is the estimate of income taxes which is determined in
these condensed consolidated interim financial statements using the estimated
average annual effective income tax rate applied to the pre-tax income of the
interim period.
Any changes in critical estimates and assumptions made could materially impact
the amounts of assets, liabilities, revenue and expenses reported next year as
actual amounts and results could differ from those estimates or those
estimates could change in future.
2.6 Alternative performance measures (APMs)
Alternative performance measures ("APMs"), which are used in these financial
statements, are also used by the Board and management for planning and
reporting. These measures are also used in discussions with the investors.
APMs are not displayed with more prominence, emphasis or authority than IFRS
measures.
To arrive at adjusted results, certain adjustments are made for normalised and
non-recurring items that are individually significant, and which could, if
included, distort the understanding of the performance and the comparability
between periods.
Adjusted EBITDA is a non-IFRS measure comprising operating profit adding back
amortisation and depreciation, share-based payments charges and non-recurring
items.
Adjusted operating profit is a non-IFRS measure comprising operating profit
adding back share-based payments charges and non-recurring items.
Adjusted research and development expense is a non-IFRS measure comprising
research and development expense adding back amortisation and depreciation,
share-based payments charges and non-recurring items.
Adjusted administrative expense is a non-IFRS measure comprising
administrative expenses adding back amortisation and depreciation, share-based
payments charges and non-recurring items.
Share-based payment charges are excluded from adjusted research and
development expenses and adjusted administrative expenses because they are
non-cash charges arising from the granting of equity instruments to employees
and other service providers. These expenses are based on valuation models and
accounting estimates and do not typically involve actual cash outflows during
the reporting period. Additionally, the 2024 figures are not directly
comparable due to fluctuations related to the listing process.
Non-recurring items are presented whenever significant expenses are incurred
or income is received because of events considered to be outside the normal
course of business, where the unusual nature and expected infrequency merits
separate presentation to assist comparisons with previous years.
2.7 Accounting policies and new and amended accounting standards
The accounting policies adopted in these condensed financial statements are
consistent with those applied and set out in the annual integrated report and
consolidated financial statements for the year ended 31 December 2024, except
for the estimation of income tax for interim reporting.
Newly adopted accounting standards
There are no accounting pronouncements which have become effective from
1 January 2025 that have a significant impact on the Group's condensed
consolidated interim financial statements.
The Group has not early adopted other standards, amendments to standards or
interpretations that have been issued but are not yet effective.
3 Revenue
The total revenue for the Group derives from its principal activity: the
development, marketing, manufacture and sale of cost-effective programmable
computing devices.
$ million - by category Half year ended Half year ended Year ended
30 June 30 June 31 December 2024
2025 (unaudited) 2024 (unaudited) (audited)
Products 109.6 89.5 181.2
Components 17.6 43.6 61.2
Royalties 7.8 10.3 15.9
Other 0.5 0.6 1.2
135.5 144.0 259.5
$ million - by customer location Half year ended Half year ended Year ended
30 June 30 June 31 December 2024
2025 (unaudited) 2024 (unaudited) (audited)
UK 47.4 77.7 118.4
Europe 28.5 22.6 48.1
Americas 30.5 26.7 49.9
Asia Pacific 28.0 16.0 40.8
Rest of the World 1.1 1.0 2.3
135.5 144.0 259.5
Product revenues are recognised at the point in time when single board
computers, compute modules, accessories or semiconductors are delivered to
Approved Resellers or OEMs, establishing an enforceable right to payment.
Raspberry Pi generates revenue from selling individual components, including
the RP2040 microcontroller, RP1 I/O controller, and memory chips, primarily to
OEMs and for manufacturing by licensees, which also earns royalties. Royalties
are earned per unit on products organised for manufacture or sale through
licensing of designs and trademarks. Revenue is recognised on an accrual basis
in accordance with the agreement when the subsequent sale or usage (point of
manufacture) event occurs, in line with the IFRS 15 royalty exemption from
estimating variable consideration.
The Group generated $32.4 million or 24% (2024 half year: $43.9 million or
30%, 2024 full year: $69.5 million or 27%) of revenues from a major electronic
component distributor. Sales to the contract manufacturer accounted for $5.8
million or 4% of total revenues (2024 half year: $11.1 million or 8%, 2024
full year: $36.9 million or 14%). The Group operates as a single segment,
in accordance with IFRS 8 "Operating Segments", aligned with its primary
activity. The data utilised by the Group's Chief Operating Decision Makers for
resource allocation and performance evaluation is provided on a consolidated
basis and therefore no segment analysis is included. All material
non-current assets are located in the United Kingdom.
4 Research and development expenses
$ million Half year ended Half year ended Year ended
30 June 30 June 31 December 2024
2025 (unaudited) 2024 (unaudited) (audited)
Employee costs of internal engineers 7.3 6.7 14.4
Share-based payment charges 2.2 1.4 2.3
Other employee-related costs 0.8 - 0.9
Costs of external services and materials 4.6 7.6 14.6
Intangibles amortisation 8.8 5.8 12.3
Capitalised amortisation (4.7) (2.9) (6.0)
Capitalised research and development costs (7.3) (10.1) (20.6)
11.7 8.5 17.9
5 Administrative expenses
$ million Half year ended Half year ended Year ended
30 June 30 June 31 December 2024
2025 (unaudited) 2024 (unaudited) (audited)
Employee costs 5.5 4.7 8.0
Share-based payment charges 1.6 0.8 2.4
Other employee-related costs 1.5 0.7 2.9
Professional fees 1.8 2.0 3.2
Depreciation 2.1 2.3 4.4
Property-related costs 0.7 0.5 1.2
Other expenses 0.3 1.2 2.7
Non-recurring costs - 2.1 2.9
13.5 14.3 27.7
Non-recurring items are presented whenever significant expenses are incurred
or income is received because of events considered to be outside the normal
course of business, where the unusual nature and expected infrequency merits
separate presentation to assist comparisons with previous years. No such items
were recognised for the half year ended 30 June 2025. In 2024, non-recurring
costs consist of IPO‑related costs.
Professional fees include audit and interim review services obtained from the
Group auditor, Grant Thornton UK LLP.
6 Employee information
$ million Half year ended Half year ended Year ended
30 June 30 June 31 December 2024
2025 (unaudited) 2024 (unaudited) (audited)
Wages and salaries 10.8 9.7 19.0
Social security costs 1.2 1.0 2.0
Pension costs 0.8 0.7 1.4
Share-based payments 3.8 2.2 4.7
Employee costs capitalised (3.5) (3.6) (8.1)
13.1 10.0 19.0
Further details on share-based payments are provided in Note 19.
Average headcount Half year ended Half year ended Year ended
30 June 30 June 31 December 2024
2025 (unaudited) 2024 (unaudited) (audited)
Engineering 65 63 66
Corporate and administrative 20 15 16
Communications and publishing 11 16 16
Sales and product management 27 21 26
Retail 7 12 10
130 127 134
7 Depreciation and amortisation
$ million Half year ended Half year ended Year ended
30 June 30 June 31 December 2024
2025 (unaudited) 2024 (unaudited) (audited)
Depreciation of property, plant and equipment 1.3 1.4 2.8
Depreciation of right-of-use assets 0.8 0.9 1.6
Amortisation of intangible assets 8.8 5.8 12.3
Intangible amortisation capitalised (4.7) (2.9) (6.0)
6.2 5.2 10.7
8 Net financing items
$ million Half year ended Half year ended Year ended
30 June 30 June 31 December 2024
2025 (unaudited) 2024 (unaudited) (audited)
Finance income
Bank interest receivable 0.4 0.3 1.1
0.4 0.3 1.1
Finance costs
Bank interest payable and similar charges (0.6) (0.7) (0.8)
Interest on lease liabilities (0.2) (0.2) (0.4)
Unwinding of discounts (0.9) (1.2)
-
Foreign exchange (0.5)
- -
(2.2) (0.9) (2.4)
Net financing items (1.8) (0.6) (1.3)
As the Group has no external debt, interest charges primarily relate to RCF
arrangement and non-utilisation fees. Interest income is generated from
overnight money market deposits. Interest on lease liabilities and unwinding
of discounts on extended trade payable terms arise in accordance with leases
and financial instrument accounting rules.
9 Taxation
In accordance with IAS 34, Interim Financial Reporting, taxation for the
period is reported by applying the estimated annual effective tax rate to the
interim profit before tax. The effective tax rate for the period is 13%
compared to 29% for 2024 half year. As almost all the Group's pre-tax profits
are generated from UK trading activities and subject to UK tax, the underlying
effective tax rate primarily corresponds to the UK corporation tax rate of
25%. The decrease in the effective tax rate compared to the previous period is
primarily due to two reasons. In H1 2024 there were significant costs
associated with the IPO in June 2024 that were capital in nature and therefore
non-deductible for corporation tax. This resulted in an effective tax rate
above the statutory rate of 25%. The effective tax rate for the current period
is below the statutory rate because the tax charge of $0.8 million includes a
credit of $0.7 million relating to foreign exchange differences arising on
translation of brought forward tax receivables.
10 Earnings per share ("EPS")
Basic EPS: Profit for the period attributable to owners divided by the
weighted average number of ordinary shares in issue, excluding unvested shares
held by the Employee Benefit Trust, unless specifically allocated or
cancelled.
Diluted EPS: Adjusts the weighted average number of shares to include all
potentially dilutive shares, such as share options.
Adjusted EPS: Is a non-IFRS alternative performance measure which adjusts
Basic EPS and Diluted EPS for the non-recurring items and share-based payments
applied in computing Adjusted EBITDA.
Earnings per share Half year ended Half year ended Year ended
30 June 30 June 31 December 2024
2025 (unaudited) 2024 (unaudited) (audited)
Profit after tax ($ million) 5.4 7.6 11.7
Weighted average number of shares in issue during the period 193,415,715 167,783,058 180,669,421
Unvested shares in Employee Benefit Trust (155,226) (155,226) (155,226)
Weighted average number of shares for basic EPS 193,260,489 167,627,832 180,514,195
Basic earnings per share (cents) 2.79 4.53 6.48
Dilutive effect of legacy performance shares scheme - 7,638,832 7,638,832
Dilutive effect of equity schemes 4,814,928 46,247 546,798
Weighted average dilutive number of shares during the period 198,075,417 175,312,911 188,699,825
Diluted earnings per share (cents) 2.73 4.34 6.20
Adjusted earnings per share Half year ended Half year ended Year ended
30 June 30 June 31 December 2024
2025 (unaudited) 2024 (unaudited) (audited)
Profit after tax ($ million) 5.4 7.6 11.7
Non-recurring costs (disallowable for tax) - 2.1 2.9
Share-based payments, net of tax ($ million) 3.8 2.2 4.7
Adjusted profit after tax ($ million) 9.2 11.9 19.3
Total number of shares for basic EPS 193,260,489 167,627,832 180,514,195
Adjusted basic earnings per share (cents) 4.76 7.10 10.69
Weighted average dilutive number of shares in the period 198,075,417 175,312,911 188,699,825
Adjusted diluted earnings per share (cents) 4.64 6.79 10.23
The EPS previously disclosed for the comparative interim period ended 30 June
2024 has been updated to reflect weighted-average number of shares outstanding
during the period. The prior disclosure was based on the period-end share
count, which did not comply with IAS 33.10. Prior to the use of weighted
average number of shares, basic EPS was 3.92 cents, diluted EPS was 3.90
cents, adjusted basic EPS was 5.84 cents, and adjusted diluted EPS was 5.80
cents.
This affects only the comparative interim EPS. The EPS disclosed in the
comparative annual financial statements was calculated using the weighted
average number of shares and remains unchanged.
11 Intangible assets
$ million On-market development Pipeline development Other acquired intangibles Total
Cost
At 1 January 2024 25.7 21.1 21.2 68.0
Additions 13.0 13.0
- -
At 30 June 2024 25.7 34.1 21.2 81.0
Additions 13.6 0.3 13.9
-
Transfers 13.3 (13.3)
- -
At 31 December 2024 39.0 34.4 21.5 94.9
Additions 12.1 1.6 13.7
-
At 30 June 2025 39.0 46.5 23.1 108.6
Amortisation
At 1 January 2024 (7.9) (1.5) (9.4)
-
Charge for the period (2.2) (3.6) (5.8)
-
At 30 June 2024 (10.1) (5.1) (15.2)
-
Charge for the period (2.7) (3.8) (6.5)
-
At 31 December 2024 (12.8) (8.9) (21.7)
-
Charge for the period (3.5) (5.3) (8.8)
-
At 30 June 2025 (16.3) (14.2) (30.5)
-
Net book value
At 30 June 2025 22.7 46.5 8.9 78.1
At 31 December 2024 26.2 34.4 12.6 73.2
At 30 June 2024 15.6 34.1 16.1 65.8
To maintain market leadership and drive growth, we develop next generation
technology platforms that embody our brand values of performance, price,
quality and ease of use. New core hardware is released every three to four
years, with software and documentation support setting Raspberry Pi apart from
competitors.
We prioritise in-house development with a skilled engineering team focused on
successors to Raspberry Pi 5, semiconductor chips, new computer boards and
accessories. Internal and external development costs are capitalised when
capitalisation criteria are met.
On-market development are amortised from their market launch date over a life
of three years for accessories, four years for SBCs, and six years for
microcontrollers. Impairment testing is performed only when an internal or
external impairment trigger is identified.
Pipeline development in progress are not amortised but instead tested annually
for impairment. Historically, most capitalised projects have been
commercialised at which point they are transferred to on-market projects and
thereafter amortised as explained above.
Other acquired intangibles category primarily relates to licences but also
includes any externally acquired intangible assets not already captured in the
above categories. Licences, particularly those related to technical designs,
are amortised over the length of the licence.
12 Inventories
$ million Half year ended Half year ended Year ended
30 June 30 June 31 December 2024
2025 (unaudited) 2024 (audited)
(unaudited)
Components 117.9 83.2 92.9
Finished goods 41.4 62.5 63.8
159.3 145.7 156.7
During the half year, $96.7 million (2024 half year: $105.4 million, 2024 full
year: $191.8 million) of inventories were charged as cost of sales.
Write-downs of inventories to net realisable value amounted to $3.0 million
(2024 half year: $0.1 million, 2024 full year: $1.5 million). These were
recognised as an expense and included in cost of goods sold. The Group
recorded an amount of $1.9 million (2024 half year: $nil, 2024 full year:
$4.2 million) as income resulting from reversal of inventory write-downs. The
income was recognised within cost of sales to reverse the original expense.
The remaining provision within inventories of $7.3 million (2024 half
year: $9.0 million, 2024 full year: $6.2 million) is for anticipated future
obsolescence on specific slow-moving units.
As at 30 June 2025, $4.6 million (2024 half year: $6.9 million, 2024 full
year: $3.5 million) of inventories are committed and have been purchased back
after the period end as part of repurchase liabilities described in Note 14.
13 Trade and other receivables
The Group considers that the carrying amount of trade and other receivables
are a reasonable approximation of their fair value due to their short-term
nature.
$ million Half year ended Half year ended Year ended
30 June 30 June 31 December 2024
2025 (unaudited) 2024 (unaudited) (audited)
Trade receivables 28.0 17.3 31.0
Expected credit loss allowance - (0.1) -
Prepayments 6.2 5.6 3.6
VAT receivable 0.8 2.7 0.9
Other receivables 0.8 1.0 0.7
35.8 26.5 36.2
The Group applies the IFRS 9 simplified approach to measuring expected credit
losses which uses a lifetime expected loss allowance for all trade
receivables. Any movement in expected credit loss provision is included in
administrative expenses in the condensed consolidated Statement of
Comprehensive Income.
14 Trade and other payables
$ million Half year ended Half year ended Year ended
30 June 30 June 31 December 2024
2025 (unaudited) 2024 (unaudited) (audited)
Trade payables 66.0 51.1 83.1
Accruals and other payables 6.4 10.3 7.1
Repurchase liabilities 6.2 8.5 4.4
Other taxation and social security 1.0 0.9 1.0
Deferred income - RDEC 0.3 0.3 0.5
79.9 71.1 96.1
In 2024, the Group agreed extended payment terms from nine to twelve months
with two electronic component suppliers. These payables remain part of the
normal operating cycle. As at 30 June 2025, supplier invoices totalling $22.9
million (2024 half year: $nil, 2024 full year: $52.2 million) were discounted
to $22.0 million (2024 half year: $nil, 2024 full year: $51.0 million) with
reference to observable market interest rates. As the remaining trade payables
are subject to standard 30-45 day terms, they are deemed to approximate to
their fair value by the Directors.
Repurchase liabilities relate to components sold to contract manufacturers for
producing finished products the Group has committed to buy. When the Group
sells components and orders the assembly of a single board computer using
those components, the cash from the sale is deferred as a repurchase
liability. This liability is not released until the contract manufacturer
delivers the completed product to us.
15 Financial commitments
In July 2022, the Group entered into a commitment to purchase other licenses
for intellectual property and related tools over the period to July 2025. This
arrangement was amended in January 2025 extending the commitment to January
2027. As at 30 June 2025, the value of the commitment was $1.8 million (2024
half year: $3.7 million, 2024 full year: $3.7 million).
To ensure the uninterrupted supply of essential components to meet projected
demand, the Group has established long-term supply agreements and placed
substantial orders with key suppliers and distributors.
As of 30 June 2025, these agreements have committed to component purchases
over a pre-defined schedule to December 2028 are valued at $288.8 million
(2024 half year: $386.0 million, 2024 full year: $333.0 million).
As both the supplier (delivery) and the Group (payment once delivered) have
obligations outstanding, they are not recognised as liabilities on the balance
sheet. However, they are disclosed as significant contractual obligations to
provide clarity on the financial commitments.
16 Forward Foreign Exchange Contracts
During the first half of the year, the Group entered into new forward foreign
exchange contracts to manage short-term currency exposures arising from
operational activities. These contracts are used primarily to reduce the
impact of exchange rate fluctuations on forecasted transactions, receivables,
and payables denominated in GBP. These derivatives are measured at fair value
and classified as Level 2 in the fair value hierarchy. Level 2 valuation is
based on inputs other than quoted prices included within Level 1 that are
observable for the asset or liability, either directly or indirectly. Fair
values are determined using observable market inputs such as forward exchange
rates and discount rates.
Forward contracts that do not meet the criteria for hedge accounting under
IFRS 9 are classified as financial instruments at fair value through profit or
loss. As such, they are recognised on the balance sheet as financial assets or
liabilities at fair value, with changes in fair value recognised immediately
in the income statement within administrative expenses, reflecting their
connection to operational activities.
As at 30 June 2025, the aggregate contract amount of forward contracts not
designated as hedging instruments was $9.0 million, with a net fair value gain
of $0.3 million recognised in the statement of comprehensive income.
These contracts expose the Group to foreign currency risk, credit risk, and
liquidity risk. The Group manages these risks in accordance with its financial
risk management policies as disclosed in the annual financial statements for
the year ended 31 December 2024.
17 Cash flows from operating activities
$ million Half year ended Half year ended Year ended
30 June 30 June 31 December 2024
2025 (unaudited) 2024 (unaudited) (audited)
Operating profit 8.0 11.4 17.6
Adjustments for:
Amortisation and depreciation 6.2 5.2 10.7
Prepaid manufacturing charges 0.4 0.4 0.7
Employee share schemes 5.2 2.2 6.0
Research and development tax credit (0.3) (0.2) (0.8)
Decrease in trade and other receivables 0.4 13.3 3.5
Increase in inventories (3.2) (37.6) (51.1)
(Decrease)/increase in trade and other payables (18.1) (13.2) 13.0
(Decrease)/increase in current provisions (0.3) (0.2) 0.3
Increase in other financial assets (0.3) - -
Cash flows from operating activities (2.0) (18.7) (0.1)
18 Share capital
The share capital represents the nominal value of share capital subscribed
for. Raspberry Pi Holdings plc has the following share capital upon Admission
to the London Stock Exchange and as at the reporting date.
Share capital Number of shares Nominal capital
$ million
Ordinary shares of £0.0025 each 193,415,715 0.6
Deferred shares of £0.0025 each 61,610,435 0.2
255,026,150 0.8
Share capital
193,415,715 ordinary shares of £0.0025 each have been listed for trading on
the London Stock Exchange. 61,610,435 deferred shares of £0.0025 each were
created as part of the share capital reorganisation.
The deferred shares have no voting rights or rights to a dividend. The Company
has begun a process whereby the holders of the deferred shares transfer them
to the Company otherwise than for valuable consideration" pursuant to s659(1)
Companies Act 2006. They will then be cancelled pursuant to s662(1)(c). This
process is expected to complete during Q4.
19 Share-based payments
All share-based payments are related to employee share schemes and are
equity-settled for shares of Raspberry Pi Holdings plc. Equity awards are a
key component of the overall remuneration package, being essential for
retaining, motivating and rewarding key employees.
The Group has four active equity-settled share schemes: Market-value options,
Nil cost options, Restricted Share Units, and Performance Share Units.
The table below illustrates the number and movements in the schemes during the
period:
Market value options Nil cost Restricted Share Plan Performance Share Plan
Outstanding at beginning of the period 11,561,566 253,773 - -
Granted during the period - - 926,875 967,956
Forfeited during the period (130,078) - - -
Outstanding at end of the period 11,431,488 253,773 926,875 967,956
The share-based payment charges are as follows:
$ million Half year ended Half year ended Year ended
30 June 30 June 31 December 2024
2025 (unaudited) 2024 (unaudited) (audited)
Performance Share units (PSUs) and Restricted Share Units (RSUs) - granted on 1.2 - -
14 May 2025
Market value and nil-cost options - granted on 11 June 2024 2.6 0.2 2.7
Legacy 2020 LTIP scheme - IFRS 2 charge - 0.8 0.8
Legacy 2020 LTIP scheme - accelerated charge on settlement - 1.2 1.2
3.8 2.2 4.7
Share-based awards granted in the period
On 14 May 2025, the Group made additional equity grants comprising Restricted
Share Units ("RSUs") and Performance Share Units ("PSUs").
The RSUs vest quarterly over a four-year period, subject to continued
employment. They are not subject to any performance conditions. Each RSU
carries an exercise price of one-quarter of a penny per share. The first
tranche vested on 30 June 2025.
On 04 July 2025, the Company allotted ordinary shares to its third-party share
plan administrator to facilitate the settlement of share-based compensation
awards that vested in the period. This is a non-adjusting event under IAS 10
and has no impact on the interim financial statements for the period ended 30
June 2025.
The PSUs are subject to performance conditions based on earnings per share
("EPS") growth and relative total shareholder return ("TSR") compared to the
FTSE 250, excluding companies in the Financial Services, Mining and
Extraction, and Investment Trust sectors. Performance will be assessed over a
three-year period, based on the cumulative EPS achieved over the three
financial years. Vesting will occur on a straight-line basis between threshold
and maximum performance targets.
PSUs granted to the Executive Directors of Raspberry Pi Holdings plc are
subject to a post-vesting holding period of two years.
Further details on the performance conditions are set out in the Remuneration
Committee report on pages 82 and 83 of the Annual Report and Accounts for the
year ended 31 December 2024.
The following table sets out the key inputs used in the valuation models
applied to each of the schemes.
TSR Performance Share Units EPS Performance Share Units Restricted Share Units
Grant date 14 May 2025
Grant date share price £5.20
Post-vesting holding period None Two-year None Two-year None
Number of awards granted 212,055 111,242 422,841 221,818 926,875
Fair value of share £4.25 £3.59 £5.20 £4.39 £5.20
Exercise price - - - - £0.0025
Expected term 2.6 years 2.6 years 2.6 years 2.6 years 4 years
Expected volatility 35.0% 35.0% 35.0% 35.0% n/a
Risk free rate 3.90% 3.90% 3.90% 3.90% n/a
Dividend yield 0.0% 0.0% 0.0% 0.0% n/a
Valuation type Monte Carlo Monte Carlo Grant date fair value Adjusted grant date fair value (post-vesting restriction) Grant date fair value
Option awards granted upon on Admission to the London Stock Exchange
On 11 June 2024 immediately before the IPO, alongside the settlement of legacy
share awards, new awards were granted in the form of market value options and
nominal-cost options over shares of Raspberry Pi Holdings plc.
The market value options have an exercise price equal to the IPO share issue
price of £2.80. The nominal-cost options have a quarter pence nominal
exercise price. The awards vest on the third anniversary of the date of grant,
subject to the employee remaining in Group employment. The awards are not
subject to other performance or holding conditions. The options expire on the
tenth anniversary of the date of grant or upon leaving.
The grant date fair value of the new awards was calculated with assistance
from an external valuation expert using a Black-Scholes model with the
following inputs and assumptions:
Market value options Nil cost
Grant date 11 June 2024 11 June 2024
Number of awards granted 11,561,566 253,773
Grant date share price £2.80 £2.80
Fair value of share £1.06 £2.80
Exercise price £2.80 £0.00
Expected term 5 years 3 years
Expected volatility 35.0% 35.0%
Risk free rate 4.2% 4.4%
Dividend yield 0.0% 0.0%
Key assumptions in calculating the fair value of the awards
Equity schemes granted on 11 June 2024 and 14 May 2025 used a volatility
assumption of 35.0%. This was determined in reference to the midpoint between
the mean and median enterprise value volatilities of a selected peer group of
listed technology and software companies and is consistent with the volatility
input applied in the valuation of the market value option grant issued in June
2024.
The actual volatility experience post-IPO has been an average of 64.8%. Whilst
this does not change the grant date assumption under IFRS 2, it will inform
the assumptions on awards granted in the future.
An employee attrition rate of 5% was applied in calculating the fair value of
the awards, reflecting management's expectations of forfeiture based on the
post-IPO environment.
Settlement of 2020 LTIP scheme upon listing on the London Stock Exchange
In 2020, the Board approved a Long-Term Incentive Plan ("LTIP") and up to the
listing date had awarded 19,480 B ordinary shares to employees. These shares
were designed to participate in the proceeds from an exit, defined as the
Company's sale or a stock exchange listing. On the sale of Raspberry Pi Ltd to
Raspberry Pi Holdings plc in May 2024, the B shares were exchanged for shares
with equivalent rights in Raspberry Pi Holdings plc.
Upon listing on the London Stock Exchange, all outstanding awards vested and
settled by the granting of ordinary shares in Raspberry Pi Holdings plc. When
the awards vested, the cumulative $3.3 million charged to the income statement
since 2020 was transferred to retained earnings.
20 Alternative performance measures ("APMs")
Adjusted EBITDA (as presented in the Condensed Consolidated Statement of
Comprehensive Income), adjusted operating profit, adjusted research and
development expenses and adjusted administrative expenses are non-IFRS
measures used by the Board and management to monitor the Group's performance.
$ million Half year ended Half year ended Year ended
30 June 30 June 31 December 2024
2025 (unaudited) 2024 (unaudited) (audited)
Operating profit 8.0 11.4 17.6
Amortisation and depreciation 6.2 5.2 10.7
EBITDA 14.2 16.6 28.3
Share-based payment charges 3.8 2.2 4.7
NI on share-based payment charges 1.4 - 1.3
Employee share schemes 5.2 2.2 6.0
Non-recurring costs - 2.1 2.9
Adjusted EBITDA 19.4 20.9 37.2
Amortisation and depreciation (6.2) (5.2) (10.7)
Adjusted operating profit 13.2 15.7 26.5
$ million Half year ended Half year ended Year ended
30 June 30 June 31 December 2024
2025 (unaudited) 2024 (unaudited) (audited)
Research and development expenses 11.7 8.5 17.9
Amortisation (net of capitalised amortisation) (4.1) (2.9) (6.3)
Share-based payment charges (2.2) (1.4) (2.3)
NI on share-based payment charges (0.8) - (0.6)
Adjusted research and development expenses 4.6 4.2 8.7
$ million Half year ended Half year ended Year ended
30 June 30 June 31 December 2024
2025 (unaudited) 2024 (unaudited) (audited)
Administrative expenses 13.5 14.3 27.7
Depreciation (2.1) (2.3) (4.4)
Share-based payment charges (1.6) (0.8) (2.4)
NI on share-based payment charges (0.6) - (0.7)
Non-recurring costs - (2.1) (2.9)
Adjusted administrative expenses 9.2 9.1 17.3
21 Related party transactions
The Group's related parties include subsidiary undertakings, Board members and
their close family members, and principal shareholders holding 10% or more of
voting rights. Transactions between the parent and subsidiaries are eliminated
on consolidation and are not disclosed in this note.
Key management personnel is defined as the Board members listed in the
Statement of Directors' Responsibilities. As noted in Note 19, during the
six-month period ended 30 June 2025 the Group granted PSUs to its Executive
Directors under the Group's share-based payment schemes. These transactions
are considered related party transactions under IAS 24.
$ millions Half year ended Half year ended Year ended
30 June 30 June 31 December 2024
2025 (unaudited) 2024 (unaudited) (audited)
Wages and Salaries 1.5 1.6 2.1
Social security costs 0.1 0.1 0.3
Share-based payments 0.1 0.1 0.2
1.7 1.8 2.6
The Group was notified that 56,000 ordinary shares were sold on 30 January
2025 by a close family member of a Board member at a price of £7.10 per
share. In addition, on 17 June 2025, the Executive Directors sold 500,000
ordinary shares at a price of £4.55 per share.
Related party transactions during the period ended 30 June 2025 were
substantially the same in nature as those disclosed in Note 31 of the Annual
Report and Accounts for the year ended 31 December 2024.
There were no other related party transactions during the period that
materially affected the financial position or performance of the Group. No
guarantees were provided to, or received from, related parties during the
period.
22 Events after the reporting period
There are no events after the reporting period that would require disclosure
or adjustment to these interim financial statements.
Statement of Directors' Responsibilities
The Directors of Raspberry Pi Holdings plc are as follows:
Martin Hellawell, Independent Non-Executive Chair Appointed on 2 June 2024
Dr. Eben Upton CBE, FREng, Chief Executive Officer Appointed on 12 March 2024
Richard Boult, Chief Financial Officer Appointed on 12 March 2024
Sherry Coutu CBE, Senior Independent Non-Executive Director Appointed on 2 June 2024
David Gammon, Independent Non-Executive Director Appointed on 2 June 2024
Rachel Izzard, Independent Non-Executive Director Appointed on 2 June 2024
Christopher Mairs CBE, Independent Non-Executive Director Appointed on 2 June 2024
Daniel Labbad, Non-Executive Director Appointed on 2 June 2024
The Directors confirm that these condensed consolidated interim financial
statements have been prepared in accordance with UK adopted International
Accounting Standard 34, 'Interim Financial Reporting' and the Disclosure
Guidance and Transparency Rules sourcebook of the United Kingdom's Financial
Conduct Authority and that the interim management report includes a fair
review of the information required by DTR 4.2.7 and DTR 4.2.8, namely:
• an indication of important events that have occurred during the first six
months of the financial year and their impact on the condensed set of
financial statements, and a description of the principal risks and
uncertainties for the remaining six months of the financial year; and
• material related-party transactions in the first six months and any
material changes in the related-party transactions described in the last
annual report.
Each of the Directors confirm to the best of their knowledge:
• that the condensed consolidated interim financial statements gives a true
and fair view of the assets, liabilities, financial position and profit or
loss of the issuer/the undertakings included in the consolidation; and
• that the condensed consolidated interim financial statements have been
prepared in accordance with ASB's 2007 Statement Half-Yearly Reports.
The maintenance and integrity of the Raspberry Pi website is the
responsibility of the Directors; the work carried out by the authors does not
involve consideration of these matters and, accordingly, the auditors accept
no responsibility for any changes that might have occurred to the interim
financial statements since they were initially presented on the website.
On behalf of the Board
Dr Eben Upton CBE, FREng
Chief Executive Officer and Founder
22 September 2025
Independent review report to Raspberry Pi Holdings plc
Conclusion
We have been engaged by Raspberry Pi Holdings plc (the 'company') to review
the condensed set of financial statements in the half-yearly financial report
for the six months ended 30 June 2025 which comprises the Condensed
consolidated statement of comprehensive income, Condensed consolidated
statement of financial position, Condensed consolidated statement of changes
in equity, Condensed consolidated statement of cash flows, and the related
explanatory notes that have been reviewed. We have read the other information
contained in the half-yearly financial report which comprises only the CEO
review, Principal risks and uncertainties, and Financial review and considered
whether it contains any apparent misstatements or material inconsistencies
with the information in the condensed set of financial statements.
Based on our review, nothing has come to our attention that causes us to
believe that the condensed set of financial statements in the half-yearly
financial report for the six months ended 30 June 2025 is not prepared, in all
material respects, in accordance with UK-adopted International Accounting
Standard (IAS) 34, 'Interim Financial Reporting' and the Disclosure Guidance
and Transparency Rules of the United Kingdom's Financial Conduct Authority..
Basis for conclusion
We conducted our review in accordance with International Standard on Review
Engagements (UK) 2410, "Review of Interim Financial Information Performed by
the Independent Auditor of the Entity" issued by Financial Reporting Council
for use in the United Kingdom (ISRE (UK) 2410). A review of interim financial
information consists of making inquiries, primarily of persons responsible for
financial and accounting matters, and applying analytical and other review
procedures. A review is substantially less in scope than an audit conducted in
accordance with International Standards on Auditing (UK) and consequently does
not enable us to obtain assurance that we would become aware of all
significant matters that might be identified in an audit. Accordingly, we do
not express an audit opinion.
As disclosed in note 2, the annual financial statements of the group are
prepared in accordance with UK-adopted international accounting standards. The
condensed set of financial statements included in this half yearly financial
report has been prepared in accordance with UK- adopted International
Accounting Standard 34, 'Interim Financial Reporting'.
Conclusions relating to going concern
Based on our review procedures, which are less extensive than those performed
in an audit as described in the Basis of conclusion section of this report,
nothing has come to our attention to suggest that management have
inappropriately adopted the going concern basis of accounting or that
management have identified material uncertainties relating to going concern
that are not appropriately disclosed.
This conclusion is based on the review procedures performed in accordance with
this ISRE (UK), however future events or conditions may cause the entity to
cease to continue as a going concern.
In our evaluation of the directors' conclusions, we considered the inherent
risks associated with the group's business model including effects arising
from macro-economic uncertainties such as actual and potential US tariffs, we
assessed and challenged the reasonableness of estimates made by the directors
and the related disclosures and analysed how those risks might affect the
group's financial resources or ability to continue operations over the going
concern period.
Directors' responsibilities
The half-yearly financial report is the responsibility of, and has been
approved by, the directors. The directors are responsible for preparing the
half-yearly financial report in accordance with UK-adopted International
Accounting Standard (IAS) 34, 'Interim Financial Reporting' and the Disclosure
Guidance and Transparency Rules of the United Kingdom's Financial Conduct
Authority.
In preparing the half-yearly financial report, the directors are responsible
for assessing the company's ability to continue as a going concern,
disclosing, as applicable, matters related to going concern and using the
going concern basis of accounting unless the directors either intend to
liquidate the company or to cease operations, or have no realistic alternative
but to do so.
Auditor's responsibilities for the review of the financial information
In reviewing the half-yearly report, we are responsible for expressing to the
Company a conclusion on the condensed set of financial statements in the
half-yearly financial report.
Our conclusion, including our Conclusions relating to going concern, are based
on procedures that are less extensive than audit procedures, as described in
the Basis for conclusion paragraph of this report.
Use of our report
This report is made solely to the company in accordance with ISRE (UK) 2410.
Our review work has been undertaken so that we might state to the company
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Statutory Auditor, Chartered Accountants
Cambridge
22 September 2025
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